Covid-19 and your insurance: latest update
During this very difficult time, we would like to assure our customers that everything remains operational at NLIG and all staff have been deployed to work remotely for the last week or so, therefore it is very much ‘business as usual’.
We have been in discussions with our insurer panel, but as you will appreciate the scenario is changing daily and very quickly.
Most insurers are looking at each scenario on a ‘case by case’ basis, so if you have concerns about your coverage please provide us with full details and we will pass them to the relevant Underwriter to see what they can offer us to assist.
We have experienced a large number of enquiries regarding Business Interruption (BI) cover on motor trade policies following the closures of many companies. We urge you not to take the name of the cover literally as, whilst your business may have been interrupted, Coronavirus related matters may not be seen as an insured peril under your policy.
However, we have held discussions with insurers on ways in which you may be able to temporarily reduce your premiums to help mitigate the damage currently being caused to you and your business. We would recommend you consider the following areas of your business and cover:
- Laying up your non-essential vehicles;
- Reduction in sums insured (Customer vehicles, projected turnover, wage roll, sales, etc.);
- Reduction in the cover (From comprehensive to TPFT or TPO);
- Reduction in the use of the vehicles; removing business use whilst you’re not trading;
- Deletion of drivers.
If you wish to discuss any options available to you then we are available to take your call and work with you. As above, most insurers are treating each policy individually so help may be available to you.
It remains imperative that you maintain payment of your insurance premiums at this time, rather than simply to cease payments. Whilst we appreciate the financial difficulties you may be experiencing, finance providers have given assurances that they are willing to work with you where possible. We would therefore urge you to speak with us immediately if you are struggling to make payment of any instalments you are contracted to make.
Whether it be a case of temporarily reviewing your covers or if you are concerned about paying your premiums, the key point is to communicate with us. We are here to help where we can with your insurance coverage.
Useful Link:
The government have put together various support packages to help businesses. Please follow the link below to browse the latest information: https://www.gov.uk/coronavirus/business-support.
We trust all is in order but should you have any additional queries please do not hesitate to contact us.
Please feel free to contact us with any queries in the first instance by email insurance@nlig.co.uk and a member of our team will be in touch.